The U.S. Treasury Department announced that the federal budget deficit for fiscal year ending 9/30/15 was $439 billion, down from the previous fiscal year of 9/30/14 which was $483 billion. It was $1.4 trillion at the end of President George W. Bush's last fiscal year budget. That is a tremendous turn around in putting the fiscal house of the federal government back on track.
President Bush inherited a balanced federal budget and surplus when he took office and then left office with an eight year deficit spending spree. So did republican President Ronald Reagan and so did President George Herbert Walker Bush after his four years in office. No republican President in the last 50 years left office with a smaller deficit then when they took office, but democratic President Obama will leave office with a much smaller deficit than when he took office by a sizable amount. And of course, so did President Clinton.
There was more good news earlier in the month when the Labor Department announced that the economy created 153,000 new jobs in September. Unemployment remained steady at 5.1% and hourly wages showed an increase over the same period of last year. Into the six years and nine months of Obama's time in office the economy has created over 8.5 million new jobs and the President still has 15 more months in office. There were only 1.5 million new jobs created under President George W. Bush in the eight years he served. That was the worst job creation record since the great depression of 1929.
President Obama's economic policies put into place when the democratic party controlled both houses of congress continues to work and would work even better for the country and its people if the republicans would act on the many other recommendations of the President they refuse to take up. The republican party in congress needs to get a life and start acting like Americans, democrats don't have that problem.
This commentary written by Joe Lorio
